How Bussr and Nekla partnership could be a gamechanger in Digital Payments
Singapore-based transport technology provider Bussr will offer its passengers a digital payment option through payment provider Nekla.
This partnership millions of underbanked users to pay for Bussr services easily. Nekla is founded by Silicon Valley and Wall Street pioneers.
Nekla is creating a global payment ecosystem which can be accessed by anyone with a $30 smartphone and data access. Download the app, deposit local currency to your account from a third-party financial service provider, or deposit cash in a retail store. You then have digital currency that can be used almost anywhere on earth.
Bussr was founded two years ago by entrepreneurs Hussein Abdelkarim and IM Shousha. The app is a platform that caters to all segments of South-East Asia’s US$30 billion mobility market including ride-sharing, public buses, private buses, scooter rentals, and car pooling.
This partnership will allow Bussr to rapidly expand the scope of their operations to the 5.7 billion people in emerging markets in Asia, Africa, and beyond. It’s numbers like that which make Bussr believe they will earn a large share of the global transit and ground passenger transportation market that is predicted to reach US$908.8 billion by 2027.
Bussr currently operates across more than 500 cities, with over 830 transport operators, 60-plus payment partners, and more than 100,000 retail stores. While Bussr has already seen more than 12 million passengers use their platform in less than two years, they believe it is Nekla’s digital-based payment platform that will lead to ubiquity on a global scale.
The under-banked conundrum
A challenge Bussr has been facing, which Nekla addresses, is meeting the demand from emerging markets, where 1.7 billion adults are still locked out of the conventional banking system, even though half a billion of that population have access to the internet. This means over a third of the planet’s adult population is unbanked.
Take the example of Vietnam. According to a study in 2018 by Euromonitor, World Bank and Bain and Temasek, 69 per cent of the Vietnamese adult population do not have a bank account, the highest rate in Southeast Asia. https://w.media/vietnams-underbanked-are-fintech-startups-ready-to-take-on-telco-giants/
For Bussr, this means millions of customers who want to use their platform, but have no reliable way of paying.
Nekla’s technology can certainly address the issues of providing service to the unbanked with access to money, all the while benefiting from its inherent strengths of trustworthiness and transparency. But what really captured Bussr’s attention was how Nekla could make digital payments beginner-friendly and accessible to millions of people, according to company executives.
Front-line financial technologies, despite the headlines, are far from reaching mass adoption worldwide. After all, most people don’t have time to study complex algorithms to make a simple payment.
Bridge between real world and digital finance
Nekla believes that they can bridge the divide between the real world and the digital finance space, and trigger a global, mass uptake of digital finance with a beginner-friendly, easy-to-use payment and lending platform. Bussr’s Mobility-as-a-Service (MaaS) technology serves both as a mobile app for private travelers and a full journey ticketing, payment, and fleet management solution for cities and enterprises.
Its AI platform continuously monitors millions of data points to help large-scale transport operations perform at optimal efficiency for both passengers and operators.
Bussr is backed by high-profile investors, such as Bridford Group, Peng Ong of Monk’s Hill, Le Mercier Group, Jack Selby of Thiel Capital, Altitude Partners, Angela Huang, Duncan Clark, Founder of China BDA, Alibaba early investor and author of the book ‘The House That Jack Ma Built, Andrew Huang of Fountainvest, and Alfa Intelligence Capital. There are also strategic angel investors from Facebook, PayPal, Lyft, Spotify, Zoom, Didi, and Impossible Foods. The Bussr app operates in 2,500 destinations in South-East Asia.
On its part Nekla’s management team has managed the world’s largest internet ventures, led major digital transformation projects for governments and global consulting firms like PwC and Deloitte, and guided industry leaders, acting as Microsoft’s Chief Architect and Google’s Enterprise Architect in billion-customer markets.
With this experience and knowledge behind it, and with the backing of such influential partners, Nekla believes it can make Digital Finance the new norm for mass-adopted payments and lending around the world.